Oil sales averaged 1,014 barrels of oil per day (bopd) in September and 1,026 bopd over the past 30 days. Current production is 1,035 bopd with an additional approximately 150 bopd shut-in (60 bopd at L53-A1 due to a failed pump and 90 bopd at L53-G3ST1 due to expiry of a 90 day production test period). Approval was received Sept. 5 to turn the L53-G2 well back on for a second 90 day test period that will expire Dec. 6. One pump change out, one pump replacement and two new zone perforations are planned on existing L53 wells between now and year end with timing subject to well performance and equipment availability.

L53 Operations

Environmental Impact Assessment (EIA) approval was received Sept. 27 for eight surface locations with four wells per location (thirty two wells total). Three of these approved surface locations are over the high impact L53 A Central prospect allowing the possibility to drill the well by year end 2013, depending on rig availability.

The L53-G production EIA was submitted Sept. 9 with approval anticipated sometime between December 2013 and January 2014. The production license application for the L53-G discovery was submitted Aug. 13 with approval anticipated in November 2013. Both production EIA and production license approval are required to commence long term production that is not subject to 90 day test periods.

Work is currently underway on the EIA applications for six surface locations on L53 and two surface locations on L45 with submission anticipated in November 2013. Two of the L53 surface locations are over the highly prospective A North prospect located in the northern portion of L53 that was identified on the new 3D seismic acquired in 2013. Tentative plans are for the drilling of the A North prospect and one well in L45 in late 2Q 2014.

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